Since 1973, when the traditional front-engined 365 GTB/4 Daytona had been replaced by the mid-engined Berlinetta Boxer, Ferrari's top-of-the-line 12-cylinder 2-seater model had used a mid-mounted 180° V12 flat engine. The Berlinetta Boxer had later been developed into the Testarossa, whose last evolution was the 1994 F512 M. Under the presidency of Luca Cordero di Montezemolo, who took office in 1991, the F512 M replacement was developed as a traditional front-engined V12 grand tourer.

After a 30 months of development, the Ferrari 550 Maranello was presented in July 1996 at the Nürburgring circuit in Germany. Pininfarina executed both the exterior and interior design. Frame and main engine components were shared with the 2+2 Ferrari 456, although at 2,500 mm the 550's wheelbase was 100 mm shorter. The car used a transaxle layout, with the 6-speed manual gearbox located at the back, in-line with the driven wheels. The model number refers to total engine displacement (5.5 litres) and the model name Maranello refers to the town where the Ferrari headquarters are located.

The engine is a 5.5 litre V12 with 4 valves per cylinder with dual overhead cams and variable length intake manifold. It produces 485 BHP at 7000 RPM and torque is 568.1 Nm at 5000 RPM. The body is an all aluminium construction to keep the weight down. The 550 Maranello can accelerate to 100 kp/h in an impressive 4,2 seconds, with a max top speed of 320 kilometers per hour.

The 27 November 1996 issue of the British magazine “Autocar” featured a road test with the car, where they recorded a 0-60 mph time of 4.6 seconds, a 0-100 mph time of 10.1 seconds, quoting the manufacturer’s claimed top speed of 199 mph. They also proclaimed it “Britain’s Best Driver’s Car 1998″, and in 1999 said of it “it continues to be the best GT on the block”.

The 5.5 L V12 engine won the 'over 4 litre' class of the International Engine of the Year award for 2000 and 2001.